What is the meaning of an estate? ?
Like can a home be an estate?
- MaxiLv 71 month agoFavorite Answer
An 'estate' can mean several things....... when someone dies their 'estate' is everything they own including their property, or an 'estate' can mean a collection of property built in one area or a large mansion type home with out buildings and acres of land is also called an 'estate'
- Christin KLv 71 month ago
"Estate" means whatever possessions or property a person owns. When a person dies, their estate consists of all the cash, life insurance policies, bills, property such as a house, everything IN the house and anything that needs to be disposed of or distributed when death occurs.
Once a person dies, if they die without a will, the state will send the estate to Probate Court, which will have to pay all the debts, and distribute whatever is left (if anything) to the survivors according to the state's laws. If they die WITH a will, the will is what determines what gets sent where and when and how.
- Nuff SedLv 71 month ago
Dictionary: estate; plural: estates; noun:
1. an extensive area of land in the country, usually with a large house, owned by one person, family, or organization.
"Historically, an estate comprises the houses, outbuildings, supporting farmland, and woods that surround the gardens and grounds of a very large property, such as a country house or mansion. "
There are several other possible definitions, depending upon context outside of real estate.
- RICKLv 71 month ago
It usually means all assets a person has at death
Which would include any home you own
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- SlumlordLv 71 month ago
This typically refers to all the assets someone leaves behind when they die. Their hom would be part of the estate, but in addition any money and other assets (cars, furniture, life insurance, whatever) would also be part of the estate.
- linkus86Lv 71 month ago
An "estate" is a shortened term for "landed estate" defined as property used by the owner for their own enjoyment. Typically such property was better described by a home with a lot of property (like a farm) and back in the really old days it would be a "manor". But it is not improper to use it for the home you own in a residential subdivision today.
- babyboomer1001Lv 71 month ago
It would be part of it. An estate is what a dead person left behind - his assets - house(s), cars, bank accounts, investments, furniture, all of his belongings, tools, equipment, businesses that he owns, even his debts, which must be paid off before any of his assets are distributed to heirs.
- Anonymous1 month ago
When someone dies, his remaining assets & liabilities are part of his estate.
- Old Man DirtLv 71 month ago
As near as I can figure an house becomes an estate when it has been in the family for a few generations.